Blog

Preparing for FHA Appraisals

When you obtain a mortgage, either to purchase a new home or refinance an existing home, an appraisal is required. For FHA Home Loans, appraisers must evaluate property safety conditions and ensure that they comply with HUD standards. Here are some important things that you should know about preparing for FHA appraisals.

Property Deficiencies

Appraisers must report any “property deficiencies” or “adverse conditions” that they observe at a property. What are these? Here are a few examples:

Result of Identified Issues

Any issues identified by an appraiser must be fixed prior to closing (unless using an FHA Rehab loan, in which case, other steps must be followed). Otherwise, the property will not be eligible for FHA financing. Typically, an appraiser must return to the property for re-inspection to confirm that the repairs were made. In some some cases, an appraiser will accept a photo of the repairs in lieu of a second visit.

Advice for Homeowners

If you are looking to sell or refinance your home, preparing for FHA appraisals is a good idea. FHA is a very popular type of financing used by many first time buyers. Taking care of repairs before they are identified by an appraiser will eliminate potential delays. For additional information on FHA and other types of financing, give me a call!

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

Ask Chris A Question..

Please fill out the form below and I will follow-up with you promptly.